was a Seller’s market in Queen Anne!
Property Sales (Sold)
November property sales were 34, up 70% from 20 in November of 2019 and17.1% lower than the 41 sales last month.
Current Inventory (For Sale)
Versus last year, the total number of properties available this month is higher by 15 units of 31.3%. This year’s bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory is down 20.3% compared to the previous month.
Property Under Contract (Pended)
There was a decrease of 44.4% in the pended properties in November, with 25 properties versus 45 last month. This month’s pended property sales were 4.2% higher than at this time last year.
The Average Sold Price per Square Footage in Queen Anne is Depreciating*
The Average Sold Price per Square Footage is a great indicator for the direction of property values. Since Median Sold Price and Average Sold Price can be impacted by the ‘mix’ of high or low end properties in the market, the Average Sold Price per Square Footage is a more normalized indicator on the direction of property values. The November 2020 Average Sold Price per Square Footage of $570 was down 0.2% from $571 last month and up 5.9% from $538 in November of last year.
The Days on Market Shows Neutral Trend
The average Days on Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM trends to indicate a move towards more of a Buyer’s market, a downward trend indicates a move towards more of a Seller’s market. The DOM for November 2020 was 22, up 57.1% from 14 days last month and down 24.1% from 29 days in November
of last year.
The Sold/Original List Price Ratio Remains Steady
The Sold Price vs. Original List Price reveals the average amount that sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. This month Sold Price vs. Original List Price of 98% is down 2% % from last month and up from 2.1% % in November of last year.
The Average For Sale Price is Depreciating
The Average For Sale Price in November was $1,718,000, down 0.7% from $1,730,000 in November of 2019 and down 1.7% from $1,748,000 last month.
The Average Sold Price is Neutral
The Average Sold Price in November was $1,411,000, up 7.6% from $1,311,000 in November of 2019 and up 10.7% from $1,275,000 last month.
The Median Sold Price is Neutral
The Median Sold Price in November was $1,133,000, up 3%
Months of Inventory based on Closed Sales
The November 2020 Months of Inventory based on Closed Sales of 1.9 was decreased by 20.8% compared to last year and the same compared to last month. November 2020 is Seller’s market.
Months of Inventory based on Pended Sales
The November 2020 Months of Inventory based on Pended Sales of 2.5 was increased by 25% compared to last year and up 39.9% compared to last month. November 2020 is Seller’s market.
A comparatively lower Months of Inventory is more beneficial for sellers while a higher months of inventory is better for buyers.
*Buyer’s market: more than 6 months of inventory
Seller’s market: less than 3 months of inventory
Neutral market: 3 – 6 months of inventory